STEEL

Seeing signs of strength

After some beautiful runs in Steel stocks , they took a rest and some thought that Steels strength was over. It seems that the Large run up just needed to take a healthy breather and consolidate some gains ,so lets see where they are now.  We’ll start with AKS

AKS

The above chart of AKS shows a possible break out from a triangle consolidation . The MACD is curling up, which is positive too.

This was a healthy consolidation after a 220+% Gain in 2013. And on a Weekly chart, it hit resistance too.

AKS WEEKLY

Another Steel Stock that had a great run  is’ X’ , the daily and weekly are below. The daily appears to be breaking out from a 4 month consolidation, however one might want to wait until the 50sma is gained before adding.

X DAILY

WEEKLY X

GSI is a Steel stock that took off 2 weeks ago…

GSI

So I.M.H.O. some of the STEEL stocks appear to be ending their recent rest, and may make some good investments in the near future

 

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  • hamvestor

    fyi – GSI is a Chinese company, so careful with that one.

  • alex

    Thanks Hamvestor … Good to know. I still trade some Chinese companies , but I research them a little more if its a long term hold. Again, Thanks for your concerns , I’m sure others appreciate them too.

    -Alex

  • thevolumeprofiler

    I have been chronicling my exploits in acquiring call positions in both AKS (sept 8’s) and X (July 30’s) in recent weeks. Needless to say, I’m a big fan of both here.

  • alex

    V.P. They had some beautiful runs last year, and this pause has allowed sentiment to calm down. I’m looking for a nice run if commodities stay in favor. and by the way —Volume Profiling is a beautiful thing ;-]
    -Alex